Single-family Construction Archives

Housing construction fell sharply in October, another miss for the rapidly constricting housing market. Starts for both single- and multi-family units dropped by 4.2% month-over-month to an annualized rate of 1.425 million units, according to data from the U.S. Census Bureau. Economists surveyed by MarketWatch had expected housing starts to register a 1.41 million rate after seasonal adjustment. Single-family starts fell by 6.1% from September, and single-family completions were down 8.3%. Building permits dipped 2.4%, an indicator of builders’ pessimism moving into winter, the slowest season for real estate. Permits offer an indication of how many homes will be built in the coming months. Housing is desperately needed, especially single-family units. Some experts say it could take a decade to…

Rent growth decelerated for the fifth straight month, but renters in lower-priced units are still feeling the squeeze as homeownership remains out of reach for most Americans. Single-family rents increased only 10.2% YOY in September, down from 13.9% in April 2022, according to recent data from CoreLogic. This is still double the pre-pandemic growth rate, but moving in the right direction. “High mortgage interest rates may be causing potential homebuyers to hit pause and remain renters, keeping pressure on rent prices. However, the monthly rent change was negative in September, resuming the typical seasonal pattern for the first time since 2019, which could signal the beginning of rent price growth normalization,” said Molly Boesel, principal economist at CoreLogic. Declining rents…

Single-family Construction

Housing Starts Down As Buyers, Builders Pull Back

Rent Growth Is Slowing, But Only For Higher-Priced Properties